Visakhapatnam Investment Fraud: Harventure MD Arrested

An alleged investment fraud has come to light in Visakhapatnam, where a Harventure company is accused of attracting depositors by promising attractive returns. According to the complaint, the company had promoted a scheme under which investors were reportedly promised daily payments of Rs 444 for 500 days against an investment of Rs 1 lakh. The company allegedly stopped making payments to depositors later.

Following the alleged default, a woman approached Gajuwaka police and lodged a complaint. Acting on the complaint, police arrested Harventure Managing Director Padala Somashekara Rao. Investigators also conducted searches at the accused’s residences and reportedly seized important documents. Police are examining the seized material and investigating the company’s financial transactions and the complaints made by depositors.